Kent Bach v. National Western Life Insurance Co.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

Applying Colorado law, we review a summary judgment for defendants granted in a shareholder’s derivative suit after a special litigation committee of the board concluded that prosecuting the suit was not in the interest of the corporation. We affirm, concluding that Colorado’s adoption of an expansive business judgment rule signals a favorable view of its application to the decisions of an SLC, and that there was no genuine issue of material fact regarding the good faith, independence, or thoroughness of the SLC.

I

National Western Life Insurance Company…